Kick your “pile it and file it (later)” attitude before spring cleaning season has you thinking about organizing your garage. I’m talking about getting your tax prep habits geared toward a more sustainable system. A well-organized tax prep system could save you big money if your accountant charges by the hour to go through your […]
Ask me to name one of the most frustrating things I see on a quarterly basis, and my answer would be: waste. Waste is a prominent problem, so may think that I’m talking about wasteful spending, but there’s another big way Canadians are leaving cash on the table—losing out on opportunities to claim more […]
Many people living with Celiac Disease and cannot process the protein Gluten found in many food items. But did you know that you can claim those on your tax return as a legitimate medical expense? Yes it’s true! But there are limitations. Here is how it works: The CRA website states you can claim the […]
Many young couples and families are looking to buy their first home. Some are undecided if they want to be life time renters or buy a home. What should you do? There is no easy answer to the question. What I will try to do is break down some numbers and put in a few […]
Incorporating is not always a good option when you first start your business. We recommend incorporating once you reach 100k per owner in profit. The biggest reason not to incorporate is for tax reasons. When it comes to a lower income it is better to not incorporate. An unincorporated business is put on the owner(s) […]
So what does it mean with the new guidelines for the Universal Child care benefit (UCCB)? Well it is a taxable benefit. It was introduced in 2006 originally to help families pay for daycare, but there were no rules as to what the money can be used for. As of this writing the changes that […]
People here audit and get scared. When there really is no reason to be unless you made fraudulent claims on your tax return, or GST return. Everyone at Revenue Canada that we have dealt with has been reasonable. Talking to them in a calm voice goes a long way. The last thing you want them […]
Over the past year I have added several clients, some whom have hired me for my knowledge of GST/HST rules and regulations. It can get very confusing to the average small business owner. In fact many big corporations don’t know all the rules either. That is where a company like CBTS that works on several […]
Client is a young adult trying to save money for school. She is babysitting her boyfriends nephew and wanted to know how to claim the money and do her tax return First of all if you must keep track of your income. You can claim the money earned on your personal return. There is a […]
Client was working out of province doing sub contract work. It is the same kind of work he does at home under his registered business. He was wondering if to put his income and expenses under his Corporate or Personal Tax Return. He stated that there wasn’t much profit if any. Here is my reply. […]